Total monthly cost of ownership
Cost to Own a Home in Monticello, Minnesota
A $298,000 home here costs
$2,345per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,532. The real number is $813 higher every month — 53% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Monticello against Wright County and Minnesota
| Measure | Monticello | Wright County |
|---|---|---|
| Median home value | $298,400 | $332,800 |
| Median property tax | $2,580 | $3,319 |
| Effective tax rate | 0.865% | 0.997% |
| Median gross rent | $1,462 | $1,246 |
| Population | 14,607 | 145,270 |
The weather behind that power bill
Monticello sits in Wright County, which averages a high of 80.9°F in its hottest month and a low of 2.7°F in its coldest, with 31.74" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 532 cooling and 8,211 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Wright County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wright County
Full Wright County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Monticello?
A $298,000 home in Monticello, Minnesota costs approximately $2,345 per month with 20% down at 6.66%. That is $1,532 principal and interest, $215 property tax, $129 homeowners insurance, $220 utilities and $248 set aside for maintenance.
What is the property tax rate in Monticello?
Monticello has an effective property tax rate of 0.865%, based on a median home value of $298,400 and median real estate taxes of $2,580. That is lower than the Wright County average of 0.997%.
What is the average home price in Monticello?
The median owner-occupied home value in Monticello, Minnesota is $298,400, against $332,800 across Wright County.
Is it cheaper to rent or buy in Monticello?
Median gross rent in Monticello is $1,462 a month, against $2,345 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Monticello — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Minnesota.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.